New Issue: RBC prices $3.2 million buffered digital notes linked to S&P 500

By William Gullotti

Buffalo, N.Y., Sept. 25 – Royal Bank of Canada priced $3.2 million of 0% buffered digital notes due March 24, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 12.1% if the index finishes at or above its 85% buffer level.

If the index declines beyond buffer level but finishes at or above its 70% digital barrier, investors will lose 1% of their principal for each 1% decline beyond 15% but also receive the 12.1% digital payment.

Otherwise, investors will lose 1% for every 1% decline beyond 15%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered digital notes
Underlying index:	S&P 500 index
Amount:	$3,195,000
Maturity:	March 24, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 12.1% if index finishes at or above buffer level; if index finishes below buffer level but at or above digital barrier, lose 1% of the principal amount for each 1% of index decline beyond 15% plus 12.1% digital payment; otherwise, lose 1% for every 1% decline beyond 15%
Initial level:	4,443.95
Digital barrier:	3,110.77; 70% of initial level
Buffer level:	3,777.36; 85% of initial level
Pricing date:	Sept. 19
Settlement date:	Sept. 22
Agent:	RBC Capital Markets, LLC
Fees:	0.313%
Cusip:	78016NA98

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